"We’re not at that stage (to submit a counter) yet. At the appropriate point in time, we’ll make our proposal."

There were multiple reports coming out of the last round of talks that the owners’ offer included players’ hockey-related revenues get slashed from 57 percent to 46 percent. It also was reported that players would be forced to wait 10 years before becoming unrestricted free agents and that contracts would be limited to five years.

Fehr said the NHLPA would submit a proposal "at the appropriate point in time." He did not specify when that would be.

NHL Commissioner Gary Bettman said the league’s offer last week was a "serious proposal."

"We have a lot of work to do," Bettman said, "and a relatively short time" to get a deal done.

The two sides will meet again Thursday and Friday in New York. They are also scheduled to meet Tuesday, Thursday and Friday in Toronto at the NHLPA offices next week.

"There is a dialogue going on," Bettman said. "(We’re) focused on making a deal. Focused on getting a deal done."

Bettman oversaw the 1994-95 NHL lockout that delayed the start of the season and forced a 48-game regular-season schedule. When labor problems lingered in 2004-05, Bettman shut down the league. It took years for the NHL to recover from the lost season.

Wednesday’s session was well attended by players, including New York Rangers forward Brandon Dubinsky.

"Like anything, it is a negotiation. (We) have to work with them," Dubinsky said. "(It’s been) cordial. That’s the way it should be. There hasn’t been any hostility."